The reporter exclusively interviewed the "One Bank and Two Meetings" to explore the blueprint for the construction of financial rule of law in 2022
Strengthen the supervision of the rule of law
Prevent and resolve financial risks
● In 2022, the People’s Bank of China will adhere to the general keynote of seeking progress while maintaining stability, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, comprehensively deepen financial reform and opening up, adhere to innovation-driven development, and promote high-quality development
● In 2022, the Banking and Insurance Regulatory Commission will intensify its supervision in accordance with the law, prevent and defuse financial risks, severely crack down on illegal financial activities and illegal financial business, and increase penalties on the basis of overall planning, regulations and legislation, and making up for shortcomings in the regulatory system. Increase the cost of violations and promote the high-quality development of the banking and insurance industries
● After the Futures and Derivatives Law is passed, the China Securities Regulatory Commission will benchmark against the law, revise and improve the regulations and normative documents of the existing futures market and futures operating institutions, and urge and guide futures trading venues, futures industry associations, etc. to make simultaneous revisions Improve self-discipline rules
□ Our reporter Zhou Fenmian
In 2021, the Central Economic Work Conference proposed to "strengthen the construction of financial rule of law."
This year, the People's Bank of China, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission intensified the supervision of the rule of law, which is remarkable.
In 2022, what new measures will the "one bank and two meetings" introduce to consolidate the foundation of the rule of law?
A reporter from the "Rule of Law Daily" recently interviewed the relevant persons in charge of the "one bank and two meetings" to explore the blueprint for the construction of financial rule of law in 2022.
Central bank
Persist in promoting the prevention and resolution of financial risks
The reporter learned from the recent work conference of the People’s Bank of China in 2022 that in 2022, the People’s Bank of China will adhere to the general keynote of seeking progress while maintaining stability, fully, accurately and comprehensively implement the new development concept, accelerate the construction of a new development pattern, and comprehensively deepen the financial sector. Reform and opening up, adhere to innovation-driven development, and promote high-quality development.
In the field of rule of law and monetary policy, a prudent monetary policy must be flexible and appropriate.
Comprehensively use a variety of monetary policy tools to increase support for the real economy; improve the market-based interest rate formation and transmission mechanism to promote a steady and slow decline in the comprehensive financing costs of enterprises, and the financial system will continue to give benefits to the real economy.
In terms of macro policy, further improve the macro-prudential policy framework and governance mechanism.
Improve the systemic risk monitoring and evaluation framework, and carry out macro-prudential stress testing.
Promote the approval and continuous supervision of financial holding companies in a steady and orderly manner.
Implement additional supervision of systemically important banks.
In terms of financial risk prevention, the People's Bank of China will continue to promote the prevention and resolution of financial risks.
Continue to follow the guidelines of stabilizing the overall situation, overall coordination, categorized policy implementation, and precise bomb disposal, steadily and orderly do a good job in the risk management and resolution of key institutions, and give full play to the role of the deposit insurance system and industry protection funds in risk management.
Adhere to both regulation and development, strengthen the supervision of capital and platform enterprises in accordance with the law, and continue to do a good job in the rectification and reform of leading online financial platforms.
The prudential management system for real estate finance will be implemented steadily to better meet the reasonable housing needs of buyers and promote a virtuous circle and healthy development of the real estate industry.
In terms of opening to the outside world, continue to deepen international financial cooperation, continue to make good use of the multilateral debt coordination mechanism, and steadily deal with the debt problems of low-income countries.
Continue to promote the orderly opening of the financial industry, promote the formation of a higher level of financial opening based on the negative list, and promote the convertibility of capital accounts in an orderly manner.
In terms of financial reform, promote the introduction of financial infrastructure supervision measures.
Steadily advance the reform and opening up of the bond market.
Further improve the market management systems for currencies, bills, gold, and derivatives.
Implement a deposit insurance system.
Support relevant departments and local governments to promote the reform of rural credit cooperatives in accordance with local conditions and classification.
Steadily improve the level of RMB internationalization.
Strengthen support for the construction of Hong Kong's RMB offshore center, and promote the healthy development of the RMB offshore market.
Comprehensively improve the level of financial services and management.
Including the overall planning and promotion of the construction of financial laws and regulations system, and the continuous promotion of regional financial reform pilot work.
Continue to strengthen the comprehensive statistical monitoring and analysis of the financial industry.
Continue to crack down on cross-border gambling, telecommunications network fraud and illegal payment activities.
Strengthen the application and management of financial technology.
Promote the digital renminbi R&D pilot in a steady and orderly manner.
Promote the treasury to better serve the society and people's livelihood.
Implement the "Administrative Measures on Credit Investigation Services."
Promote the application of the unified registration and publicity system for movable property financing and the accounts receivable financing service platform.
Promote anti-money laundering work in specific non-financial industries.
Implement the implementation opinions to promote the high-quality development of inclusive finance.
In 2022, the People's Bank of China will further optimize foreign exchange management and services, promote the expansion and quality improvement of trade facilitation pilots, carry out high-level opening pilots for cross-border trade and investment, advance the reform of foreign debt registration management, and enhance the diversified use of foreign exchange reserves.
China Banking Regulatory Commission
Continue to rectify shadow banking
According to the relevant person in charge of the China Banking and Insurance Regulatory Commission, China Banking and Insurance Regulatory Commission will intensify supervision in accordance with the law in 2022, prevent and defuse financial risks, severely crack down on illegal financial activities and illegal financial business, make overall plans for regulations and legislation, and make up for the shortcomings of the regulatory system. In order to increase penalties, increase the cost of violations, and promote the high-quality development of the banking and insurance industries.
In 2022, the China Banking and Insurance Regulatory Commission will mainly carry out four aspects of the construction of the rule of law:
One is to actively introduce financial regulatory policies that are conducive to economic stability.
Focus on the strategy of expanding domestic demand, support technological self-reliance, increase financial support for small and micro enterprises, advanced manufacturing, and rural revitalization, vigorously develop inclusive finance, and promote the improvement of the green financial policy system.
The second is to vigorously build a long-term mechanism to prevent and defuse risks.
Perseverely prevent and defuse financial risks, improve financial risk handling mechanisms, improve long-term real estate regulation and control mechanisms, continue to rectify shadow banking business, and vigorously regulate financial activities on Internet platforms.
The third is to continue to deepen structural reforms on the financial supply side.
Continue to promote the improvement of the corporate governance of bancassurance institutions, deepen the reform of bancassurance institutions, innovate and enrich the financial product system, focus on the construction of related systems for the third pillar, and vigorously promote the institutional opening of the financial industry.
The fourth is to focus on the construction of supervisory capacity.
Continue to improve the modern financial supervision system with consistent powers and responsibilities, comprehensive coverage, overall coordination, and powerful and effective financial supervision, and continuously improve the level of legalization of financial supervision.
Securities Regulatory Commission
Carry out legislative work around the new securities law
On April 26, 2021, the "Futures Law of the People's Republic of China (Draft)" was submitted to the 28th meeting of the 13th National People's Congress Standing Committee for deliberation, and was issued by the National People's Congress Standing Committee on April 29 of the same year to solicit opinions from the public .
On October 23, 2021, the Standing Committee of the National People's Congress announced the "Futures and Derivatives Law of the People's Republic of China (Second Draft)" and solicited public opinions.
According to the relevant person in charge of the China Securities Regulatory Commission, after the Futures and Derivatives Law is passed, the China Securities Regulatory Commission will benchmark against the law, revise and improve the existing futures market and futures operating institutions’ regulations and regulatory documents, and urge and guide futures trading venues , Futures Industry Association, etc., revised and improved the self-discipline rules simultaneously.
Regarding matters authorized by the law to the futures regulatory agency of the State Council, the China Securities Regulatory Commission will actively implement the legal regulations and issue relevant rules as soon as possible to enrich the regulatory rule system of the futures market.
Another big law closely related to the legal system of the securities market is the revision of the company law, which is also a topic of hot discussion in all sectors of society.
Recently, the draft revision of the company law has been submitted to the 32nd meeting of the 13th National People’s Congress for deliberation. The amendments involve improving the company establishment and exit system, optimizing the company’s organizational structure, improving the company’s capital system, and strengthening controlling shareholders and management. Responsibilities of personnel, etc.
The person in charge said that in the next step, the China Securities Regulatory Commission will strengthen communication with the legislature, conduct in-depth research and demonstration of important issues, continue to cooperate with the legislature in the revision of the company law, and lay a sound legal foundation for the high-quality development of the capital market.
In terms of regulations, the most important thing is the revision of the regulations on the supervision and management of private equity investment funds and the regulations on the supervision and management of securities companies.
Regarding the Regulations on the Supervision and Management of Private Equity Investment Funds, the person in charge said that the regulations address issues such as pseudo private equity, quasi-private equity, and chaotic private equity in the private equity fund industry, focusing on regulating private equity fund managers, their shareholders, and actual controllers and other important entities. As well as key links such as fundraising, investment operation, and information provision, delineate the bottom line of supervision, strengthen supervision during and after the event, help regulate private equity fund business activities, protect the legitimate rights and interests of investors and related parties, and promote the healthy and standardized development of the industry.
At present, the China Securities Regulatory Commission is cooperating with the Ministry of Justice to promptly promote the formulation of regulations, and strive to promote the introduction of regulations as soon as possible.
The Regulations on the Supervision and Administration of Securities Companies were promulgated and implemented on June 1, 2008, and the securities laws on which they are based have been revised several times.
The person in charge said that the Regulation is an administrative regulation that specifically regulates securities companies formulated after the completion of the comprehensive management of securities companies. , Business rules and risk control, customer asset protection, supervision and management and other aspects have systematically put forward regulatory requirements, which further improved the legal system for securities company supervision and laid a legal foundation for the subsequent sound development of securities companies.
However, with the development of my country’s securities market, some of the contents of the securities company regulations have been difficult to meet the needs of practical development, especially in order to be in line with the new securities law, it is necessary to optimize the regulatory rules and make appropriate adjustments to the regulations to better serve the entity Economy, prevention of financial risks, and protection of the legitimate rights and interests of investors.
In July 2021, the "Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law" issued by the Central Office and the Office of the State Council proposed that the "Regulations on the Supervision and Administration of Securities Companies" should be revised quickly.
Recently, the China Securities Regulatory Commission has communicated with the Ministry of Justice on the amendments to the regulations, and strives to be included in the State Council’s legislative work plan. The China Securities Regulatory Commission will actively cooperate to promote the revision of the Regulations on the Supervision and Administration of Securities Companies.
The implementation of the new securities law has a profound impact on all aspects of the capital market.
In 2021, the China Securities Regulatory Commission has made many regulatory revisions in accordance with the new Securities Law.
The person in charge made it clear when talking about the 2022 rules and regulations revision plan that the China Securities Regulatory Commission intends to deploy relevant legislative work in areas such as implementing the new securities law, regulating the behavior of market entities, and preventing and deflating financial risks.